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招银证券7月3日发布公告。Earnings/Valuation. We expect Geely’s net profit to rise63%YoY to RMB4.6bn in FY24E, driven by NEV sales ramp-up. We value Zeekr at2.0x (prior2.5x FY23E) FY24E core revenue (excluding Viridi’s battery pack sales and R&D services), which would result in HK$100bn for100% Zeekr’s valuation. We lower our price multiple due to rising competition. We value Geely’s all other businesses excluding Zeekr at15x (prior14x FY23E) our FY24E P/E. We maintain our BUY rating and cut target price slightly from HK$15.00to HK$14.50(SOTP valuation with details in Figure4). Key risks to our rating and target price include lower sales volume, especially NEVs, than we expect.